CSHR 6-K

CoinShares PLC (CSHR)

6-K 2026-09-14 For: 2026-06-30

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Added on September 14, 2026

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Exhibit No.		Description
99.1		Press release, dated September 14, 2026.
99.2		Investor Presentation, dated September 14, 2026.
99.3		CoinShares PLC’s Unaudited Consolidated Interim Financial Statements as of and for the six months ended June 30, 2026 and related Management’s Discussion and Analysis of Financial Condition and Results of Operations.
101.INS		Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema Document.
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104		Cover Page Interactive Data File (Formatted as Inline XBRL and contained in Exhibit 101).

Date: September 14, 2026	COINSHARES PLC

	By:	/s/ Jean-Marie Mognetti
		Jean-Marie Mognetti
		Chief Executive Officer

	Period Ended June 30,									Percent
(in thousands)	2026			2025			Change			Change
Revenue	$	51,438		$	79,950		$	(28,512	)		(35.7	)%
Loss on digital assets and digital asset ETPs		(1,877,339	)		(179,106	)		(1,698,233	)		948.2	%
Gain on certificate liabilities		1,754,778			86,169			1,668,609			1936.4	%
Other operating gains		109,430			115,403			(5,973	)		(5.2	)%
Total	$	38,307		$	102,416		$	(64,109	)		(62.6	)%

	Period Ended June 30,			Year Ended December 31,						Percent
(in thousands)	2026			2025			Change			Change
Cash and cash equivalents	$	47,068		$	64,243		$	(17,175	)		(26.7	)%
Digital assets - held for operations		2,515,483			3,974,713			(1,459,230	)		(36.7	)%
Digital assets - held as treasury		26,687			33,354			(6,667	)		(20.0	)%
Digital asset exchange traded products		640,116			1,145,428			(505,312	)		(44.1	)%
Digital asset receivables, net		238,969			108,517			130,452			120.2	%
Total assets		3,468,323			5,326,255			(1,857,932	)		(34.9	)%
								-
XBT Certificate Liabilities		(1,358,004	)		(2,465,007	)		1,107,003			(44.9	)%
XBT CS Physical Certificate Liabilities		(1,326	)		(1,279	)		(47	)		-
CS Physical Certificate Liabilities		(1,406,792	)		(2,041,154	)		634,362			(31.1	)%
Digital asset payables		(114,764	)		(168,374	)		53,610			(31.8	)%
Amounts due to brokers		(173,582	)		(169,086	)		(4,496	)		2.7	%
Total liabilities		(3,054,468	)		(4,844,900	)		1,790,432			(37.0	)%
Net		413,855			481,355			(67,500	)		(14.0	)%
of which: accrued fee		284,594			280,020			4,574			1.6	%

	Asset Management			Capital Markets			Unallocated(1)			Total
Revenue	$	40,002		$	11,436		$	—		$	51,438

Gains/(losses) from operations
(Loss)/gain on digital assets and digital asset ETPs		(1,864,208	)		(15,751	)		2,620			(1,877,339	)
Gain/(loss) on certificate liabilities		1,754,778			18,690			(18,690	)		1,754,778
Other operating gains/(losses)		109,430			486			(486	)		109,430
Total gains/(losses) from operations		—			3,425			(16,556	)		(13,131	)

Total revenues, gains/(losses) from operations ⁽²⁾	$	40,002		$	14,861		$	(16,556	)	$	38,307

Operating expenses ⁽³⁾
Cost of revenue (excluding depreciation and amortization)		(5,043	)		(2,663	)		—			(7,706	)
Salaries and employee benefits		(3,599	)		(2,459	)		(1,879	)		(7,937	)
Professional fees		(943	)		(872	)		(5,790	)		(7,605	)
Marketing expenses		(1,413	)		—			(1,922	)		(3,335	)
Technology expense		(419	)		(574	)		(1,552	)		(2,545	)
Allowance for credit losses		—			231			—			231
Other general and administrative expenses		(1,068	)		(1,389	)		(1,871	)		(4,328	)
XBT/ETP Pricing differential ⁽⁴⁾		—			—			16,556			16,556
Segment EBITDA	$	27,517		$	7,135		$	(13,014	)	$	21,638

Share based compensation		—			—			(6,089	)		(6,089	)
Depreciation and amortization		(1,259	)		(452	)		(453	)		(2,164	)
Interest income		293			293			292			878
Interest expense		(1,696	)		(1,696	)		(1,697	)		(5,089	)
Loss on treasury digital assets		—			—			(15,398	)		(15,398	)
Fair value loss on investments		—			—			1,099			1,099
Exceptional expenses⁽⁵⁾		(758	)		(564	)		(619	)		(1,941	)
XBT/ETP Pricing differential⁽⁴⁾		—			—			(16,556	)		(16,556	)
Income/(loss) before income taxes	$	24,097		$	4,716		$	(52,435	)	$	(23,622	)

	Asset Management			Capital Markets			Unallocated⁽¹⁾			Total
Revenue	$	59,613		$	22,149		$	(1,812	)	$79,950

Gains/(losses) from operations
(Loss)/gain on digital assets and digital asset ETPs		(201,572	)		21,771			695		(179,106)
Gain on certificate liabilities		86,169			(19,063	)		19,063		86,169
Other operating gains		115,403			1,636			(1,636	)	115,403
Total gains from operations		—			4,344			18,122		22,466

Total revenues, gains/(losses) from operations ⁽²⁾	$	59,613		$	26,493		$	16,310		$102,416

Operating expenses ⁽³⁾
Cost of revenue (excluding depreciation and amortization)		(7,123	)		(1,664	)		—		(8,787)
Salaries and employee benefits		(2,775	)		(2,206	)		(2,476	)	(7,457)
Professional fees		(842	)		(610	)		(1,239	)	(2,691)
Marketing expenses		(1,044	)		(10	)		(1,171	)	(2,225)
Technology expense		(507	)		(470	)		(1,080	)	(2,057)
Allowance for credit losses		—			270			—		270
Other general and administrative expenses		(999	)		(542	)		(782	)	(2,323)
XBT/ETP Pricing differential ⁽⁴⁾		—			—			(18,122	)	(18,122)
Segment EBITDA	$	46,323		$	21,261		$	(8,560	)	$59,024

Share based compensation		—			—			171		171
Depreciation and amortization		(1,025	)		(192	)		(192	)	(1,409)
Interest income		159			159			158		476
Interest expense		(992	)		(992	)		(992	)	(2,976)
Gain on treasury digital assets		—			—			5,538		5,538
Fair value gain on investments		—			—			(689	)	(689)
XBT/ETP Pricing differential ⁽⁴⁾		—			—			18,122		18,122
Income/(loss) before income taxes	$	44,465		$	20,236		$	13,556		$78,257

		Page
Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 (Unaudited)		2
Condensed Consolidated Statements of Operations and Comprehensive Income for the Six Months ended June 30, 2026 and 2025 (Unaudited)		3
Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Six Months ended June 30, 2026 and 2025 (Unaudited)		4
Condensed Consolidated Statements of Cash Flows for the Six Months ended June 30, 2026 and 2025 (Unaudited)		5
Notes to Condensed Consolidated Financial Statements (Unaudited)		6

	As of
	June 30, 2026		December 31, 2025
ASSETS
Current assets
Cash and cash equivalents	$	47,068	$	64,243
Digital assets - held for operations		2,515,483		3,974,713
Digital assets - held as treasury		26,687		33,354
Digital asset exchange traded products		640,116		1,145,428
Trade receivables		4,041		3,491
Digital asset receivables, net of allowance for expected credit losses of $529 and $760, respectively		238,969		108,517
Prepaids and other current assets		9,891		13,326
Total current assets		3,482,255		5,343,072
Property and equipment, net		520		366
Operating right of use assets		2,765		2,957
Goodwill		2,820		2,820
Other intangible assets, net		10,646		11,897
Investments		20,067		18,850
Other non-current assets		2,164		2,316
Total assets	$	3,521,237	$	5,382,278

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
XBT Certificate Liabilities	$	1,358,004	$	2,465,007
XBT CS Physical Certificate Liabilities		1,326		1,279
CS Physical Certificate Liabilities		1,406,792		2,041,154
Digital asset payables		114,764		168,374
Amounts due to brokers		173,582		169,086
Trade and other payables		10,701		28,400
Notes payable, current		—		3,151
Operating lease liability, current portion		1,093		1,347
Total current liabilities		3,066,262		4,877,798
Notes payable, non-current		—		24,973
Operating lease liability, net of current portion		1,048		1,528
Other non-current liabilities		720		1,012
Total liabilities		3,068,030		4,905,311

Shareholders’ Equity
Ordinary shares, no par value, unlimited shares authorized; 131,780,209 shares issued and outstanding as of 30 June 2026		—		—
Additional paid-in capital		51,352		29,247
Accumulated other comprehensive income		16,433		16,671
Retained earnings		385,422		431,049
Total shareholders’ equity		453,207		476,967
Total liabilities and shareholders’ equity	$	3,521,237	$	5,382,278

	For the Six Months Ended June 30,
	2026			2025
Revenue	$	51,438		$	79,950
Gains/(losses) from operations
Loss on digital assets and digital asset ETPs		(1,877,339	)		(179,106	)
Gain on certificate liabilities		1,754,778			86,169
Other operating gains		109,430			115,403
Total (losses)/gains from operations		(13,131	)		22,466

Operating expenses
Cost of revenue (excluding depreciation and amortization)		7,706			8,787
Salaries and employee benefits		9,615			7,457
Share-based compensation		6,089			(171	)
Professional fees		7,868			2,691
Marketing expense		3,335			2,225
Technology expense		2,545			2,057
Depreciation and amortization		2,164			1,409
Allowance for credit losses		(231	)		(270	)
Other general and administrative expenses		4,328			2,323
Total operating expenses		43,419			26,508

Operating (loss)/income		(5,112	)		75,908

Other income (expenses)
(Loss)/gain on treasury digital assets		(15,398	)		5,538
Fair value gain/(loss) on investments		1,099			(689	)
Interest income		878			476
Interest expense		(5,089	)		(2,976	)
(Loss)/income before income taxes		(23,622	)		78,257
Income tax expense		(313	)		(657	)
Net (loss)/income	$	(23,935	)	$	77,600

Other comprehensive (loss)/income
Foreign currency translation adjustment		(238	)		1,501
Total comprehensive loss/income	$	(24,173	)	$	79,101

Net (loss)/income per share:
Basic	$	(0.19	)	$	0.64
Diluted	$	(0.19	)	$	0.62
Weighted average of ordinary shares used to compute net income per share:
Basic		125,685,405			120,600,818
Diluted		133,270,526			126,118,077

	Ordinary Shares				Treasury Shares			Additional Paid in			Accumulated Other Comprehensive			Retained
	Shares		Amount		Shares			Capital			Income			Earnings			Total
Balance at January 1, 2025		121,601,091	$	—		—		$	38,064		$	14,958		$	342,621		$	395,643
Share repurchases and options exercised, net		—		—		(2,080,946	)		(8,829	)		—			—			(8,829	)
Dividends declared		—		—		—			—			—			(25,843	)		(25,843	)
Net income		—		—		—			—			—			77,600			77,600
Other comprehensive income/(loss)		—		—		—			—			1,501			—			1,501
Balance at June 30, 2025		121,601,091	$	—		(2,080,946	)	$	29,235		$	16,459		$	394,378		$	440,072

Balance at January 1, 2026		121,601,091		—		(2,078,210	)		29,247			16,671			431,049			476,967
Shares issued in connection with the reverse recapitalization ⁽¹⁾		10,179,118		—		2,078,210			22,105			—			—			22,105
Elimination of pre-combination retained deficit of legal parent		—		—		—			—			—			(192	)		(192	)
Dividends declared		—		—		—			—			—			(21,500	)		(21,500	)
Net loss		—		—		—			—			—			(23,935	)		(23,935	)
Other comprehensive income/(loss)		—		—		—			—			(238	)		—			(238	)
Balance at June 30, 2026		131,780,209	$	—		—		$	51,352		$	16,433		$	385,422		$	453,207

	Asset Management			Capital Markets			Unallocated⁽¹⁾			Total
Revenue	$	40,002		$	11,436		$	—		$	51,438

Gains/(losses) from operations
(Loss)/gain on digital assets and digital asset ETPs		(1,864,208	)		(15,751	)		2,620			(1,877,339	)
Gain/(loss) on certificate liabilities		1,754,778			18,690			(18,690	)		1,754,778
Other operating gains/(losses)		109,430			486			(486	)		109,430
Total gains/(losses) from operations		—			3,425			(16,556	)		(13,131	)

Total revenues, gains/(losses) from operations ⁽²⁾	$	40,002		$	14,861		$	(16,556	)	$	38,307

Operating expenses ⁽³⁾
Cost of revenue (excluding depreciation and amortization)		(5,043	)		(2,663	)		—			(7,706	)
Salaries and employee benefits		(3,599	)		(2,459	)		(1,879	)		(7,937	)
Professional fees		(943	)		(872	)		(5,790	)		(7,605	)
Marketing expenses		(1,413	)		—			(1,922	)		(3,335	)
Technology expense		(419	)		(574	)		(1,552	)		(2,545	)
Allowance for credit losses		—			231			—			231
Other general and administrative expenses		(1,068	)		(1,389	)		(1,871	)		(4,328	)
XBT/ETP Pricing differential ⁽⁴⁾		—			—			16,556			16,556
Segment EBITDA	$	27,517		$	7,135		$	(13,014	)	$	21,638

Share based compensation		—			—			(6,089	)		(6,089	)
Depreciation and amortization		(1,259	)		(452	)		(453	)		(2,164	)
Interest income		293			293			292			878
Interest expense		(1,696	)		(1,696	)		(1,697	)		(5,089	)
Loss on treasury digital assets		—			—			(15,398	)		(15,398	)
Fair value loss on investments		—			—			1,099			1,099
Non-recurring expenses ⁽⁵⁾		(758	)		(564	)		(619	)		(1,941	)
XBT/ETP Pricing differential ⁽⁴⁾		—			—			(16,556	)		(16,556	)
Income/(loss) before income taxes	$	24,097		$	4,716		$	(52,435	)	$	(23,622	)

⁽¹⁾	Unallocated represents other business activities and unallocated corporate expenses managed at the Group level. Accordingly, these expenses are not allocated to the Group’s segments.
⁽²⁾	The revenue segment measure that is provided to the CODM is the total of revenue and gains/(losses) from operations.
⁽³⁾	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
⁽⁴⁾	Represents the impact of valuation differences between certain financial instruments and their underlying digital asset exposures. XBT certificates and certain third-party ETPs are measured using observable market prices, which may trade at a discount or premium to the value of the underlying digital assets held for hedging, as outlined further in Note 6. These differences result in unrealized gains or losses that are driven by market spreads.
⁽⁵⁾	Segment EBITDA excludes one-off transactions and other non-recurring items that are not considered indicative of the Group's ongoing operating performance.

	As of
	June 30, 2026						December 31, 2025
(in thousands), except units	Units		Cost Basis		Fair Value		Units		Cost Basis		Fair Value
Bitcoin		23,353	$	1,700,003	$	1,363,071		24,357	$	2,438,104	$	2,132,819
Ethereum		380,093		916,250		594,499		359,966		1,190,456		1,069,940
Solana		3,324,735		280,087		243,658		2,951,168		588,725		367,985
XRP		148,664,422		203,106		154,125		129,750,947		318,238		238,776
Other digital assets ⁽¹⁾⁽²⁾		Not meaningful		206,154		160,130		Not meaningful		276,915		165,193
Total digital assets			$	3,305,600	$	2,515,483			$	4,812,438	$	3,974,713

⁽¹⁾	Includes various other digital asset balances, none of which individually represented a material amount of the fair value of total digital assets.
⁽²⁾	Excludes various stablecoins held with a total fair value of $26.2 million and $8.2 million as of June 30, 2026 and December 31, 2025, respectively, which are reflected within digital asset receivables in the consolidated balance sheets.

Liabilities			Assets
Name	Fair value methodology	Type of asset economically hedging the liability	Fair value methodology	Location on Consolidated Balance Sheets
CS Physical Certificate Liabilities	Price of referenced digital asset	Referenced digital asset	Quoted price of digital asset in principal market at 11:59:59 GMT	Digital assets – held for operations
XBT Physical Certificate Liabilities	Price of referenced digital assets	Referenced digital asset	Quoted price of digital asset in principal market at 11:59:59 GMT	Digital assets – held for operations
XBT Certificate Liability	Traded price of XBT certificate liability, adjusted for material market conditions related to movements in the underlying coin prices through 11:59:59 GMT	Referenced digital asset	Quoted price of digital asset in principal market at 11:59:59 GMT	Digital assets – held for operations
		Digital asset ETPs which track the referenced digital asset price	Price of digital asset ETP	Digital asset exchange traded products
		Digital asset futures which track the referenced digital asset price	Price of digital asset future	Prepaids and other current assets Other non-current assets

	As of
	June 30, 2026		December 31, 2025
CoinShares XBT Provider
CoinShares XBTP - Bitcoin	$	1,042,940	$	1,768,572
CoinShares XBTP - Ethereum		315,064		696,435
Total XBT Certificate Liabilities	$	1,358,004	$	2,465,007

CoinShares Physical
CoinShares Physical - Bitcoin	$	882,116	$	1,222,197
CoinShares Physical - Staked Ethereum		195,192		291,152
CoinShares Physical - Staked Solana		111,714		189,058
CoinShares Physical - XRP		125,444		226,084
CoinShares Physical - Other		92,326		112,663
Total CS Physical certificate liabilities	$	1,406,792	$	2,041,154

CoinShares XBT Provider Physical
CS XBTP Physical Staked Solana	$	542	$	613
CS XBTP Physical Other		784		666
Total XBT CS Physical Certificate Liabilities	$	1,326	$	1,279

(in thousands, except number of certificates)	As of
	Number of certificates				Dollars
Certificate type	June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025
Bitcoin Tracker One		2,096,355		2,249,885	$	517,474	$	885,201
Bitcoin Tracker Euro		213,291		225,032		525,465		883,371
Ether Tracker One		10,148,660		10,353,931		120,558		265,659
Ether Tracker Euro		1,642,761		1,677,905		194,507		430,776
CoinShares Bitcoin ETP		15,706,757		14,488,307		882,113		1,222,197
CoinShares Ethereum Staking ETP		4,123,973		3,251,673		195,192		291,152
CoinShares Litecoin ETP		800,220		698,920		6,161		9,992
CoinShares XRP ETP		3,274,564		3,298,284		125,444		226,083
CoinShares Polkadot Staking ETP		3,216,000		2,775,000		3,229		6,010
CoinShares Tezos Staking ETP		3,807,400		3,760,900		4,681		10,909
CoinShares Solana Staking ETP		13,466,523		13,560,223		111,714		189,058
CoinShares Chainlink ETP		13,753,400		13,483,400		9,233		15,577
CoinShares Uniswap ETP		10,827,500		8,387,500		2,814		4,483
CoinShares Cardano Staking ETP		61,015,625		47,690,625		9,659		17,354
CoinShares Cosmos Staking ETP		1,630,500		1,630,500		1,490		1,864
CoinShares Polygon Staking ETP		3,501,500		3,101,500		2,737		3,497
CoinShares Algorand Staking ETP		8,229,700		7,794,700		7,306		9,225
CoinShares SEI Staking ETP		2,111,000		1,985,000		1,012		2,227
CoinShares TON Staking ETP		360,000		110,000		276		91
CoinShares BNB Staking ETP		10,000		—		27		—
CoinShares Hyperliquid Staking ETP		4,730,200		—		19,832		—
CoinShares Physical Top 10 Crypto Market		423,800		332,600		7,766		10,037
CoinShares Physical Smart Contract Platform		112,000		119,000		1,443		2,412
CoinShares Finanzen.net Top 10 Crypto ETP		1,683,000		1,394,500		14,663		18,986
CoinShares XBTP Physical Litecoin		20,000		20,000		59		108
CoinShares XBTP Physical XRP		153,000		63,000		311		232
CoinShares XBTP Physical Chainlink		30,000		30,000		74		129
CoinShares XBTP Physical Uniswap		45,000		5,000		122		29
CoinShares XBTP Physical Staked Cardano		163,000		23,000		167		56
CoinShares XBTP Physical Staked Polkadot		60,000		60,000		51		112
CoinShares XBTP Physical Staked Solana		240,000		160,000		542		613
Total certificates		167,595,729		142,730,385	$	2,766,122	$	4,507,440

	Ordinary shares
Recipient	Number
CSIL shareholders (excluding PIPE shares)		119,522,880
PIPE investor		6,564,647
Non-redeeming Vine Hill public shareholders		1,292,681
Shares issued to Vine Hill Capital Sponsor I LLC		4,400,001
Total		131,780,209

	$
Gross PIPE cash proceeds		48,980
Less: PIPE placement fee		(2,500	)
Less: transaction costs apportioned to PIPE shares		(20,469	)
Total Net PIPE proceeds		26,011

Gross trust cash attributable to non-redeeming shareholders		13,844
Less: transaction costs apportioned to SPAC shares		(17,750	)
Total Net SPAC shareholder proceeds		(3,906	)
Total		22,105

	●	Operating Income;

	●	Net Income;

	●	Available Capital Position (a non-GAAP measure); and

	CoinShares XBT Provider:		250 bps per annum
	CoinShares Physical:		15 bps – 150 bps per annum
	CoinShares Physical (staked products):		0 bps – 1,000 bps (variable due to fluctuating staking yields)
	CoinShares U.S.:		25 bps per annum – 185 bps per annum
	Block Index:		32.5 bps per annum (50% share of 65 bps per annum)

	Period Ended June 30,									Percent
(in thousands)	2026			2025			Change			Change
Revenue	$	51,438		$	79,950		$	(28,512	)		(35.7	)%
Loss on digital assets and digital asset ETPs		(1,877,339	)		(179,106	)		(1,698,233	)		948.2	%
Gain on certificate liabilities		1,754,778			86,169			1,668,609			1936.4	%
Other operating gains		109,430			115,403			(5,973	)		(5.2	)%
Total (losses)/gains from operations	$	(13,131	)	$	22,466		$	(35,597	)		(158.4	)%
Operating expenses		(43,419	)		(26,508	)		(16,911	)		63.8	%
Operating (loss)/income		(5,112	)		75,908			(81,020	)		(106.7	)%
Other (expenses) and income		(18,510	)		2,349			(20,859	)		(888.0	)%
(Loss)/income before income taxes	$	(23,622	)	$	78,257		$	(101,879	)		(130.2	)%
Income tax expense		(313	)		(657	)		344			(52.4	)%
Net (loss)/income	$	(23,935	)	$	77,600		$	(101,535	)		(130.8	)%

3	Also included within this AUM figure is the combined immaterial amount of the XBT CS Physical products (of which there are 7). The AUM within these products was, in totality as of June 30, 2026, $1.3 million.
4	AUM expressed inclusive of non-fee-paying seed amounts of $264.7 million as of June 2026.
5	AUM expressed inclusive of non-fee-paying seed amounts of $299.3 million as of June 2026.

(in thousands)	As at June 30, 2026		As at December 31, 2025		Change			Percent Change
Available capital position		413,855		481,355		(67,500	)		(14.0	)%
AUM		5,522,324		7,400,813		(1,878,489	)		(25.4	)%

(in thousands)	Period Ended June 30, 2026		Year Ended December 31, 2025		Change			Percent Change
Cash and cash equivalents	$	47,068	$	64,243	$	(17,175	)		(26.7	)%
Digital assets – held for operations		2,515,483		3,974,713		(1,459,230	)		(36.7	)%
Digital assets – held as treasury		26,687		33,354		(6,667	)		(20.0	)%
Digital asset exchange traded products		640,116		1,145,428		(505,312	)		(44.1	)%
Digital asset receivables, net		238,969		108,517		130,452			120.2	%
Total		3,468,323		5,326,255		(1,857,932	)		(34.9	)%

(in thousands)		As at June 30, 2026				As December 31, 2025				Change				Percent Change
Digital asset lending		$	179,646			$	70,472			$	109,174				154.9	%